The cryptocurrency exchange bitget discovered “an abnormal negotiating activity” on the perpetual term Voxel / USDT contract on April 20, between 8:00 am and 8:30 am UTC, and has taken a break into account that the suspected exchange of market manipulation.
According to an announcement of April 20 of the Stock Exchange, Bitget will retreat the suspected accounts of market manipulation within 24 hours, recovering gains made from professions.
The CEO of Bitget, Garcy Chen, told Cintelegraph that the professions were between the actors of the individual market and not the platform itself. Chen also said that losses are not on the platform level and that user funds remain safe.
The Crypto Exchange also plans to compensate users who have undergone losses due to the alleged market manipulation and will soon announce a remuneration plan, Chen confirmed to Cointelegraph. The CEO of Bitget added:
“For any residual loss, Bitget is entirely ready to offer compensation. Our 300 million dollars protection fund offers more than sufficient support to support our users in such events, ensuring that user assets remain secure.”
The incident has questioned the obligations of pressure scholarships for negotiating anomalies and electronic trading buses, some traders comparing the Bitget incident with a hyperliquid-jelly feat in March 2025.
In relation: Hyperliquid Jelly ‘Operation’ could be down $ 1 million, explains Arkham
Debânrie hyperliquid again?
On March 26, a merchant “exploited” the price of jelly (frost) jelly on the hyperliquid exchange by hiding a long position for an equivalent uncovered position.
The price of jelly has pumped more than 400%, triggering a liquidation of short positions. However, because the position was too large, it was sent by the vault of the hyperliquidity supplier (HLP).
In response to the commercial activity, a hyperliquid has struck perpetual jelly contracts, resulting in a general condemnation of the cryptographic community.
Bitget CEO, Gracey Chen, was among the most vocal criticisms of hyperliquid, slamming the exchange of delimitation of jelly and causing financial losses for users.
“The decision to close the jelly market and force the settlement of posts at a favorable price establishes a dangerous precedent. Confidence – and not capital – is the basis of any exchange,” wrote Chen in a position of March 26.
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